WTL’s per share loss hits Rs0.46 in 2023
MG News | April 09, 2024 at 09:13 AM GMT+05:00
April 09, 2024 (MLN): WorldCall Telecom Limited (PSX: WTL) reported its financial performance for 2023, wherein the loss after tax widened to Rs2.01 billion [LPS: Rs0.46] compared to a loss of Rs1.38bn [LPS: Rs0.32] in the previous year.
Going by the results, the company's revenue rose 27.9% YoY to Rs2.94bn as compared to Rs2.3bn in 2022.
Direct cost excluding depreciation and amortization also increased by 51.6% YoY to Rs2.81bn in 2023.
During the period under review, other income shrank 4.9% YoY to stand at Rs212.43m in 2023 as compared to Rs223.43m in 2022.
On the expense side, the company observed an increase in operating cost by 18.7% YoY and other expenses by 78.9% YoY to clock in at Rs471.77m and Rs299.5m respectively during the review period.
The company’s finance cost inflated by 59.9% YoY and stood at Rs605.34m as compared to Rs378.66m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs27.45m against the Rs38.12m paid in the corresponding period of last year, depicting a fall of 28.0% YoY.
| Consolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales - Net | 2,943,549 | 2,301,245 | 27.91% |
| Direct cost excluding depreciation and amortization | (2,812,296) | (1,855,163) | 51.59% |
| Operating cost | (471,771) | (397,478) | 18.69% |
| Other Income | 212,434 | 223,426 | -4.92% |
| Other operating expenses | (299,497) | (167,384) | 78.93% |
| Finance Cost | (605,343) | (378,655) | 59.87% |
| Depreciation and amortization | (953,571) | (1,072,857) | -11.12% |
| Profit before taxation | (1,986,495) | (1,346,866) | 47.49% |
| Taxation | (27,449) | (38,116) | -27.99% |
| Net profit / (loss) for the period | (2,013,944) | (1,384,982) | 45.41% |
| Basic earnings/ (loss) per share | (0.46) | (0.32) | - |
Amount in thousand except for EPS
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